Memorial Resource Development Corp. (NASDAQ: MRD) announced Dec. 15 that its board of directors has authorized the repurchase of up to $50 million of its common stock.
The Houston company enacted the program to allow to quickly and efficiently take advantage of any share price volatility in the future, said John Weinzierl, CEO, in a statement.
"MRD is committed to delivering shareholder returns, and our management team and board of directors believe that at recent trading levels a share repurchase program represents a compelling value proposition that will deliver long-term value to our shareholders," he said.
Additionally, Memorial Resource's ample liquidity position, low leverage and high-return asset base provide the company with the financial flexibility to execute on the program and its future development plan, he said.
"If current market conditions persist, we will continue to evaluate our options of enhancing shareholder value, including potentially through additional disciplined share repurchases," he said.
Under the program's terms, shares may be repurchased from time to time at Memorial Resource's discretion on the open market, through block trades or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. The authorization is effective immediately.
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